MD of Gemalto in the UK, Howard Berg raises the point that the companies meeting the expectations of new internet generations will enjoy first-mover advantage. He says: “The boom in virtual payments is the single biggest opportunity for companies today. This is because of the sheer number of consumers that run their lives over the internet or on their mobile while on the move.”

The future for established names looks positive in 2012 as NFC smartphones continue to populate the worldwide market. Smaller cogs in the wheel of mobile banking are likely to be snapped up early if they prove profitable, whilst historically, consumers have proven reluctant to trust unknown innovators in finance.

This February, The Sunday Telegraph (UK) published a Lyonsdown report on digital money asking if we are witnessing the end of cash. In the Business Technology paper Sue Tabbitt discusses whether mobile payment will remove our last connection with hard cash, prompting the UK to become disenfranchised – like OAPs using cheque books instead of direct debit and therefore paying more for their energy.

As in most reports on mobile payment, the ‘Apple factor’ and the Olympic Games are set to provide valuable insight into what consumers think. But what’s of interest to me is how many banks have chosen to market ‘payment innovation’ as time saving, as opposed to money saving. In reality, having a credit card as an application on a phone may help us curb spending by eliminating the middle men.